How to create a wallet and secure NFTs
Thanks to new tools and user-friendly programs, dealing with the blockchain and trading NFTs is becoming easier, even for laymen. On this page, we explain how to create a crypto wallet in order to buy NFTs on Creatokia with Ether, the cryptocurrency of the Ethereum blockchain, and then trade these NFTs. In addition, we give you valuable tips that you should consider with regard to your wallet.
How to create a wallet
There are various types of crypto wallets that can be used to secure your assets to varying degrees. The easiest way to get started is with wallets that can be installed as browser extensions, such as MetaMask, which is supported by Creatokia. On our Supported Wallets page, you can learn which crypto wallets are currently compatible with Creatokia as well as which ones will be available in the near future.
The creation of such a wallet is done in just a few steps:
1. Install extension
2. Choose a secure password
3. Write down the secret recovery words (It is best to write them down on paper; never share them with anyone else!)
4. Test whether Secret Recovery words have been written down correctly
You need the password to log into the extension later. The secret recovery words you write down are even more important! With these words, you (or someone else who has them) can completely restore the wallet if, for example, you buy a new computer or lose your current one.
Accordingly, it is important not to make these secret recovery words accessible to anyone, as otherwise unauthorized persons could access your wallet, transfer your NFTs or steal your cryptocurrency holdings.
What do I do with the wallet?
This wallet is an identity in the world of blockchains. The comparison with a bank account is not quite accurate, but it is the most vivid. You can also think of it as a kind of digital safe in which your own crypto assets are stored, but which can also send and receive them.
For this purpose, your wallet has a unique "address" that sites can use to identify you. When you visit a site, you log in with your wallet and the site knows who you are and which NFTs you own. Transactions such as sending cryptocurrencies or NFTs are also signed and approved via the wallet. Therefore, always proceed with great caution whenever you do something with the wallet.
When you visit a page that interacts with the Wallet, different permissions may be granted. Normally, the permissions you grant to the page are displayed. If something seems strange to you, it is best to decline the transaction!
Things you should pay attention to
There are several best practices that you should follow to ensure the highest possible security:
- Save your secret recovery phrase offline only (no screenshot, text file or similar).
- Never open unfamiliar files
- Activate Auto Lock-Out of the wallet, e.g. in MetaMask via Settings > Advanced > Activate Auto Lock Timer (Otherwise, your wallet will remain permanently connected to a website, making it vulnerable to hackers or possibly allowing unauthorised transactions to be carried out).
- Whenever you leave the computer, log out of MetaMask manually.
- Only interact with the wallet on sites you trust.
- When searching on Google for pages that have something to do with crypto, always make sure that it is the real site (There are some fake MetaMask websites).
What do I do with my wallet on Creatokia?
Since we interact with the blockchain as an NFT platform, for example to transfer ownership of NFTs, a Creatokia user needs a corresponding wallet to take full advantage of Creatokia.
In addition to the purchase with Ether (ETH), we are one of very few NFT platforms that also offer the purchase with common currencies and means of payment (so-called FIAT currencies, like Euro, US Dollar, Swiss Franc, British Pound Sterling, Japanese Yen, etc.). As a Creatokia user, you can therefore buy certain products on our platform even if you do not have a wallet.
However, as soon as you want to resell a product purchased on Creatokia with us or on another marketplace, you first have to "mine" the product as an NFT, i.e. create and save it on the blockchain. This process is very simple and we take care of all the necessary settings. However, a wallet and ETH are required to confirm and execute the transaction.
How to deal with wallets: Don’t forget to log out!
An important detail about wallets in general: As long as the wallet is not locked (either manually, or via Auto Lock-Out as described above), anyone who potentially has access to the computer can sign transactions. This means, as mentioned above, that someone may be able to execute unauthorized transactions in your wallet, even though you have already logged out of your Creatokia profile. It is therefore important not only to log out of Creatokia, but also to log out of your own wallet, e.g. MetaMask, separately!
Who do I contact if I have questions?
At Creatokia, we are here to help you with all your questions about the security of cryptocurrencies, NFTs and wallets. In the FAQs, we provide answers to the most frequently asked questions. On the Security & Trust page, we also inform you about various measures we have taken to make NFT trading on Creatokia as secure as possible.
Your question is not answered yet? Then you can contact us personally at any time. We will be happy to help you.